You don't have to keep any specific amount in a savings account, but your bank may charge fees if you fall below their minimum
There is no law that forces you to maintain a balance in a savings account. You can withdraw all your money whenever you want. What matters is your bank's own rules—and those rules vary. Some banks have no minimum balance at all. Others require you to keep $25, $100, $500, or more, and they charge a monthly fee if you don't.
The fee is usually small—$5 to $15 per month—but it adds up. If you keep falling below the minimum, you lose money that could have stayed in your account. The best move is to check what your specific bank requires before you open an account, or to call and ask if you already have one.
Key Takeaways
- No law requires you to keep money in a savings account; you can withdraw everything at any time.
- Your bank may charge a monthly fee if your balance drops below their stated minimum, which ranges from zero to several hundred dollars depending on the bank.
- You can avoid fees by either keeping the minimum balance or switching to a bank with no minimum requirement.
- Some banks waive the minimum if you set up direct deposit or link your account to a checking account with them.
- Checking your account agreement or calling your bank is the fastest way to know exactly what you owe and what happens if you don't meet it.
How minimums work and what happens when you miss them
A minimum balance requirement is a rule your bank sets. It says: keep at least this much money in the account, or we charge you a fee. The minimum is usually stated in your account agreement—the document you signed or agreed to when you opened the account.
If your balance drops below the minimum on any day of the month, most banks charge the fee at the end of that month. Some banks look at your average balance over the month instead, so a single low day might not trigger the fee. Others charge the fee when ready. The exact rule depends on your bank and the type of account you have.
The fee itself is not a penalty for breaking a rule—it's how the bank makes money on accounts that don't generate enough activity or interest. If you're not keeping much money there, the bank isn't earning much from you, so they charge you instead.
Banks with no minimum balance requirement
Many banks, especially online banks, have zero minimum balance requirements. This means you can keep $1 in the account and never pay a fee. Online banks can afford to do this because they have lower overhead costs than brick-and-mortar banks.
If you're currently paying fees because you can't maintain a minimum, switching to a no-minimum bank is often the simplest solution. You would open a new account, transfer your money, and close the old one. This takes a few days but costs nothing.
Some traditional banks also offer no-minimum accounts, though they may have other requirements—like setting up direct deposit or maintaining a linked checking account. Ask your current bank what options they have, or search online for "no minimum savings account" to see what's available in your area.
When you might want to keep money in savings even without a requirement
Even if your bank has no minimum, keeping some money in savings serves a purpose: it's there for emergencies. A savings account is separate from your checking account, which makes it slightly harder to spend on impulse. The money also earns interest, though the rate is usually low—between 0.01% and 5% per year depending on the bank and the current economy.
How much you keep is entirely up to you. Financial advisors often suggest keeping three to six months of living expenses in savings, but that's a goal, not a requirement. Even $500 or $1,000 can cover many unexpected costs. The point is that you're in control—not the bank, not the law.
What to do if you're paying fees you don't want to pay
First, check your account agreement or call your bank and ask: What is my minimum balance requirement? What fee do I pay if I miss it? Some people don't realize they're being charged because the fee is small and buried in their statement.
Once you know the number, you have three choices. You can keep the minimum balance if you're able to. You can ask your bank if they'll waive the minimum in exchange for direct deposit or other activity. Or you can move your money to a bank with no minimum.
If you're being charged fees and you can't maintain the minimum, staying at that bank costs you money every month. Switching takes less than an hour and could save you $60 to $180 a year.
How to check your own account's requirements
Log into your bank's website or app and look for "account details" or "account agreement." The minimum balance requirement should be listed there. If you can't find it, call the customer service number on the back of your debit card or on your bank's website.
When you call, ask three things: What is my minimum balance? What happens if I go below it? Are there ways to waive the minimum? Write down the answers so you have them in writing.
If you're thinking about opening a new account, ask about the minimum before you open it. Most banks will tell you over the phone or on their website.
Frequently Asked Questions
Can a bank take money from my account if I don't meet the minimum?
No. A bank cannot take money out of your account to meet a minimum. They can only charge you a fee if you fall below it. The fee comes out of your balance, which can make things worse, but they don't forcibly move money around.
If I close my savings account, do I have to pay the bank anything?
No. Closing an account is free. You withdraw your money and tell the bank you're done. Some banks ask you to do it in person or by phone, but there's no charge. If you have an outstanding fee they haven't charged yet, they may deduct it when you close, but that's it.
Does keeping money in savings affect my credit score?
No. Savings accounts don't show up on your credit report. Only credit accounts—credit cards, loans, lines of credit—affect your score. How much money you have in savings is invisible to credit bureaus.
What if my balance goes below the minimum for just one day?
Most banks charge the fee if your balance is below the minimum on any single day during the month. Some look at your average balance instead. Check your account agreement or call your bank to know which rule applies to you.
Can I negotiate my minimum balance with my bank?
Sometimes. If you set up direct deposit, link a checking account, or maintain a certain level of activity, many banks will waive the minimum. It's worth asking, especially if you've been a customer for a while. The worst they can say is no.